USD/JPY: Downside momentum alleviated above 110.20 – UOB
|UOB Group’s FX Strategists note USD/JPY faces a tough resistance in the 110.20 region in the near term.
Key Quotes
24-hour view: “USD traded between 109.32 and 109.95 yesterday before settling on a firm note at 109.84. Upward momentum has improved a tad and USD is likely to edge higher but a break of the strong resistance at 110.20 is unlikely. Support is at 109.70 followed by 109.50.”
Next 1-3 weeks: “USD dropped to 109.05 on Monday (19 Jul) before rebounding quickly. While downward momentum has eased, only a break of the strong resistance at 110.20 would indicate that USD is unlikely to weaken further. In order to rejuvenate the flagging downward momentum, USD has to move and stay below 109.50 within these 1 to 2 days or a break of 110.20 would not be surprising.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.